BSE: 534639
VINAYAK POLYCON INTERNATIONAL
Operates in the packaging industry, classified under industrial products. FY26 revenue totalled Rs 1,989.98 lakhs, with net profit at just Rs 5.18 lakhs, down 77% from Rs 22.48 lakhs in FY25. Materials form the largest cost share at 60% of revenue, followed by other operating expenses at 23.5% and employee costs at 12.2%. The company is listed on the BSE and operates out of Jaipur. In Q1 FY27, revenue rose to Rs 609.57 lakhs from Rs 506.98 lakhs a year earlier, while net profit slipped to Rs 4.39 lakhs from Rs 5.36 lakhs. FY26 borrowings nearly doubled to Rs 340.24 lakhs from Rs 178.74 lakhs, and operating cash flow turned negative at Rs -8.73 lakhs from a positive Rs 230.76 lakhs in FY25. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Packaging products. Small, materials-heavy packaging manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15 | 22 | 22 | 21 | 20 |
| EBITDA (ex other income) | 1 | 1 | 2 | 1 | 1 |
| margin % | 5.8 | 5.3 | 7.3 | 6.0 | 4.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 0.14 | 0.38 | 0.96 | 0.73 | 0.17 |
| ROE % · ROCE % | 1.0 · 6.0 | 2.6 · 9.2 | 6.2 · 12.7 | 4.5 · 9.9 | 1.0 · 6.0 |
| Debt / equity (x) | 0.82 | 1.34 | 0.92 | 0.51 | 0.77 |
| Cash from operations | 0 | (0) | 2 | 2 | (0) |
| Capex | (0) | (2) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 6 | 5 | 5 | 5 | 5 | 5 | 6 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | (0) | 0 |
| EPS (₹) | 0.11 | 0.18 | 0.30 | 0.17 | 0.14 | 0.04 | 0.19 | 0.14 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.2 | 16.2 | 51 of 64 | 21% |
| P/B | 1.3 | 1.3 | 30 of 61 | 52% |
| ROCE | 2.3 | 6.9 | 51 of 68 | 25% |
| ROE | 1.0 | 6.8 | 52 of 61 | 15% |
| Debt / Equity | 0.8 | 0.4 | 42 of 61 | 32% |
| EBITDA margin | 4.0 | 12.1 | 54 of 62 | 13% |
| Revenue growth | 20.2 | 14.0 | 24 of 61 | 62% |
| Profit growth | (18.1) | 23.4 | 39 of 60 | 36% |
| Market cap | 6 | 118 | 70 of 73 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 6 Oct 2026 · Reg 74(5) certificate for quarter ended Sep 30, 2026 | compliance | minimal | — | — |
| 15 Sept 2026 · AGM 2026: Both resolutions passed with 100% shareholder approval | board shareholder meetings | low | — | — |
| 12 Sept 2026 · 17th AGM held on 12 Sept 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · 17th AGM notice published; e-voting Sep 8-11, book closure Sep 6-12 | compliance | minimal | — | — |
| 18 Aug 2026 · Annual Report 2025-26 web link shared with members ahead of 17th AGM | compliance | minimal | — | — |
| 18 Aug 2026 · Vinayak Polycon FY26 Annual Report: Profit falls to Rs 5.18 lakh amid raw material pressure | results | high | — | — |
| 18 Aug 2026 · 17th AGM notice scheduled for Sept 12, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 2 Aug 2026 · Newspaper ad for 17th AGM on 12 Sep 2026, includes Q1 FY27 results | compliance | minimal | — | — |
| 2 Aug 2026 · Newspaper publication of Q1 FY26-27 financial results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.